Long-Term Financing

• Focus on Select Sponsors and top-tier multifamily operators.
• Each LTF can only have one sponsor.

• Conventional multifamily housing.
• Targeted Affordable Housing.
• Loans may be used for acquisition or refinance.

• $300 million minimum at facility origination.
• $10 million minimum loan amount.
• Maximum Commitment amount to be determined at origination of facility.

• Maximum facility term of 15 years.
• Laddered maturities up to maximum term.
• Full- or partial-term interest-only available.

• Fixed Rate – Yield Maintenance or other prepay structures.
• Floating Rate – 1-year lockout, 1% thereafter.

• When the individual asset is underwritten and added, the asset must comply with the pool-level DSCR / LTV at origination.
• Individual assets must meet 1.25x DSCR and 80% LTV.

• Replacement asset(s) must meet asset quality parameters and be comparable with substituted asset(s).
• Substitutions are allowed up to twice per year and are not available in the first year or last year before maturity.

Additional proceeds must meet the pool-level DSCR / LTV requirement.

• Must meet pool-level DSCR / LTV requirements.
• Property releases are accompanied by applicable prepayment penalty.

Generally required.

Non-recourse except for standard carve-out provisions.

Standard Delivery. Index Lock option is also available for fixed rate.